Nigeria: Govt Confirms $1.5bn Drawdown From UAE Facility, Says Staggered Borrowing Will Lower Debt Costs

[This Day] The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, has confirmed that Nigeria has drawn the first $1.5 billion under its $5 billion financing arrangement with First Abu Dhabi Bank (FAB), explaining that the government deliberately structured the facility to reduce borrowing costs by accessing funds only when required.